CM1995
Administrator
- Joined
- Jan 21, 2007
- Messages
- 13,463
- Location
- Alabama
- Occupation
- Running what I brung and taking what I win
JY I'll give ya' my $.045 (adjusted for massive inflation) on LLC's.
Just my experiences after owning several small businesses over the last 28 years.
I would create at least 2 LLC's at the stage you are in. One for the repair business and one for the laydown/ storage yard you might rent to the towing company. You need protection from liability from repairing equipment and from renting property which are completely separate risks.
As the septic company comes to fruition I'd form a 3rd LLC for it. Having 3 separate entities gives you flexibility on taxation and profits in addition to liability protection. Each one of these businesses have different exposures to risk and IMO it is best to limit each category of risk.
Will you be a single member LLC or have partners?
Just my experiences after owning several small businesses over the last 28 years.
I would create at least 2 LLC's at the stage you are in. One for the repair business and one for the laydown/ storage yard you might rent to the towing company. You need protection from liability from repairing equipment and from renting property which are completely separate risks.
As the septic company comes to fruition I'd form a 3rd LLC for it. Having 3 separate entities gives you flexibility on taxation and profits in addition to liability protection. Each one of these businesses have different exposures to risk and IMO it is best to limit each category of risk.
Will you be a single member LLC or have partners?